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Scottish Trust Deed Forum
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Topic starter
21/07/2015 11:39 am
I mentioned a sequestration in an earlier post where I estimated the total debts were likely to be £100m+. I forgot the initial figures were in Euros!
Well I've just finalised the Statement of Affairs which has taken me 2 days due to various complexities and a massive amount of properties in several countries and give or atke a few pounds here and there (I converted Ôé¼ to £) Came up with a final estimated creditor figure of £73,538,427. Easly the biggest I've ever dealt with or seen to be honest.
The interesting thing is that even with the figure that high, the actual process is exactly the same and with the exception of preparing the Statement of Affairs, I can think of many Trust Deeds and sequestrations which had far more work involved.
I rememmber may years ago, someone telling me if you owe the bank £100, they take you to court. If you owe them £1m, they take you to lunch!
Anyway, I thought it was quite interesting!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
21/07/2015 11:44 am
Oh dear Mark, only £73 million of debts in the end!
There can't be many situations arising with larger debt balances than that.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
21/07/2015 12:38 pm
I've certainly never came across it before, even in bigger corporate jobs.
The vast majority relate to property shortfalls, with the majority of properties being in Ireland. It's actually quite scary looking at individual properties and what they were worth pre crash, to what they are worth now!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
